[Federal Register Volume 72, Number 90 (Thursday, May 10, 2007)]
[Notices]
[Pages 26683-26684]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-8916]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-78-91; PS-50-92; and REG-114664-97]


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
existing final regulations, PS-78-91 (TD 8430), Procedure for 
Monitoring Compliance With Low-Income Housing Credit Requirements; PS-
50-92 (TD 8521), Rules To Carry Out the Purposes of Section 42 and for 
Correcting Administrative Errors and Omissions; and REG-114664-97 (TD 
8859), Compliance Monitoring and Miscellaneous Issues Relating to the 
Low-Income Housing Credit (Sec. Sec.  1.42-5, 1.42-13, and 1.42-17).

DATES: Written comments should be received on or before July 9, 2007 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal 
Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Carolyn N. Brown, at 
(202) 622-6688, or at Internal Revenue Service, room 6516, 1111 
Constitution Avenue, NW., Washington, DC 20224, or through the 
Internet, at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: PS-78-91, Procedure for Monitoring Compliance With Low-
Income Housing Credit Requirements; PS-50-92, Rules To Carry Out the 
Purposes of Section 42 and for Correcting Administrative Errors and 
Omissions; and REG-114664-97, Compliance Monitoring and Miscellaneous 
Issues Relating to the Low-Income Housing Credit.
    OMB Number: 1545-1357.
    Regulation Project Numbers: PS-78-91; PS-50-92; and REG-114664-97.
    Abstract:
    PS-78-91. This regulation requires state allocation plans to 
provide a procedure for state and local housing credit agencies to 
monitor for compliance with the requirements of Code section 42 and 
report any noncompliance to the IRS.
    PS-50-92. This regulation concerns the Secretary of the Treasury's 
authority to provide guidance under Code section 42 and allows state 
and local housing credit agencies to correct administrative errors and 
omissions made in connection with allocations of low-income housing 
credit dollar amounts and recordkeeping within a reasonable period 
after their discovery.
    REG-114664-97. This regulation amends the procedures for state and 
local housing credit agencies'

[[Page 26684]]

compliance monitoring and the rules for state and local housing credit 
agencies' correction of administrative errors or omissions.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individual or households, not-for-profit institutions, and state, local 
or tribal governments.
    Estimated Number of Respondents: 22,055.
    Estimated Time per Respondent: 4 hours, 45 minutes.
    Estimated Total Annual Burden Hours: 104,899.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: May 2, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E7-8916 Filed 5-9-07; 8:45 am]
BILLING CODE 4830-01-P